In order to create an enabling regulatory
environment and bring systemic harmony, introduce
standardization and setting benchmarks, SBP
issued Rules for Payment System Operators
(PSOs) and Payment Service Providers (PSPs).
The purpose of PSOs/ PSPs is to provide an
electronic platform for clearing, processing,
routing and switching of electronic transactions.
It can make agreements with Banks, MFBs, other
PSOs and PSPs, Merchants, e-commerce service
providers and any other company for the provision
of services mandated to the PSO and PSP under
the rules.
PSOs/PSPs are important components of Financial
Market Infrastructure (FMI) and they are defined
in the Rules as “Authorized Party that
is a company registered under Companies Ordinance
1984 and is engaged in operating and/or providing
Payment Systems related services like electronic
payment gateway, payment scheme, clearing
house, ATM Switch, POS Gateway, E-Commerce
Gateway etc. acting as an intermediary for
multilateral routing, switching and processing
of payment transactions”.
PSOs/PSPs authorization will be granted in
three stages i.e. (i) In –Principle
approval (ii) pilot Operation approval and
(iii) final stage approval. PSOs/PSPs are
required to maintain capital of PKR
200 million (Rupees Two Hundred Million Only)
or any other amount as may be prescribed by
SBP from time to time capital and for
each additional line of business they
an additional amount of 25% of the required
capital would be maintained. Further, PSOs/PSPs
will not act as custodian of consumer’s
money or perform any banking function(s) as
defined in BCO, 1962
So far 1Link
and NIFT
has been authorized under the said Rules for
PSOs and PSPs. Moreover, 1Link has also been
allowed to launch Country first Domestic Payments
Scheme “PayPak.
List
of PSOs/PSPs